For most newbie entrepreneurs, the world of business can be a big, scary place. There are thousands of other companies are battling with each other in the hopes of attracting customers to their business. We all know that customers are the lifeblood of every business; hence, they are important for the business to survive. Just imagine how little one can feel when you are surrounded by those big and seasoned business people. What’s even worst is that you have to fight against these companies in order for your business to survive. Just like a new warrior who is about to enter the battle of the fittest, you need to study your competitors, prepare your body and soul and equip yourself with the right tools to stand out and emerge victoriously.
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Turning a startup company into something big and successful could take a couple of years. Unfortunately, there are some startup companies that never had the chance to see the light of day just because its entrepreneur failed to understand the importance of market research. One of the worst mistakes a business person can do is to losing sight of the need to conduct a thorough market research for its company before entering the business scene. In this article, we aim to let entrepreneurs and marketing see the great importance of market research and what it can do to your business.
The Significance of Market Research to Your Business
All marketer will agree on the importance of market research to your business. However, a lot of marketers find the process of conducting a market research overwhelming due to the myriad of data and business priorities, not to mention, the every changing trends in the market. But before we delve deeper into more information, let us get to know what a market research is.
According to the article that is published on Wikipedia, “market research, which is also known as Industrial Research, is any organized effort to gather information about target markets or customers. It is a very important component of business strategy”. However, there is some entrepreneurs and marketer who interchanged market research with marketing research. A marketing research is designed to be more focused on marketing process while a market research specifically focuses on the market. Thus, a market research is an essential factor for the long-term success of your brand and for keeping your brand stay afloat for the years to come. That is why it is highly crucial that you include market research on the top of your priority list before entering any business venture.
1. Market research provides essential market information.
The initial success of your business depends on your knowledge on the market size or the number of customers, market demographics (gender, geographic, personality), potential sales revenues, as well as the demand and supply scenario in the market.
2. It helps you be more focused on your target customers.
One of the best advice expert businessmen can give to newbie entrepreneurs is to always treat their customers as their boss because it is from them that the survival of your startup company depends. That is why before you decide to start a business, conducting a thorough market research on your customers is a great way to keep the lines of communication open. It is important to know that ways on how you can provide them with their needs and preferences, as well as provide them great customer service.
3. It lowers the risk of business failure.
In the world of business, no matter how brilliant your marketing ideas, there is no guarantee that it can effectively help in the survival of your business. However, a thorough market research can effectively provide you with accurate and up-to-date information that is useful in making informed decisions and optimizing your marketing plans and brand strategy.
4. It helps you become more focused on your goals.
Whether you are an entrepreneur or a marketer, there are a lot of tasks that you need to accomplish every day. You are probably managing various projects and function different roles within your company. However, you do not need to subject yourself to stressful tasks. With the help of a market research, you will be able to identify the things that are essential for your customers’ needs and maximize time management effectively.
5. It helps you analyze your competitors.
With thorough research, you will be able to gather crucial information on your the marketing strategies used by your competitors. You can use these data and analyze and modify your marketing and sales plan to stand out and attract more customers to your business.
6. It helps you develop effective strategies.
Using the information that you have gathered from your market research, it helps in making informed marketing decisions in terms in determining the pricing of your products and/or services and which distribution channels to use. It can also help you in developing effective strategies when you are looking to launch a new product or introduce a new service to your target customers.
7. Market research helps identify new business opportunities.
When you conduct a thorough market research, you will be surprised to find out that there are some markets that are underserviced or unserviced.
Sample Market Research Templates that You Can Download and Use
Market Research Report Sample Template
Sample Market Research Template
Market Research Report
Market Research Report Template
Example Bi Weekly Marketing Report Template
Market Research Report Sample Template
Product Marketing Research
It is extremely important for every company, especially the new ones, to conduct a research on the market that they are targeting. By studying all the information and data that you have collected from your market research, you assure yourself that you start off with the right foot and position yourself well for market growth. You may also want to check out and download our marketing proposal template, as well as our marketing checklist templates. They are available for free download and are extremely useful for startup and small businesses. So what are you waiting for? Download and use them as your reference now!